Logista and Imperial Brands renewed their reciprocal line of credit contract. He will determine the extension of the maximum amount of the credit line up to 3,000 million euros compared to the 2,600 million euros previously contemplated, according to the company reports to the National Securities Market Commission (CNMV). Specifically, among the conditions for the renewal of this line of credit, the reference interest rate of 6-month Euribor stands out, plus a spread of 75 basis points.
Through this line of credit, Logista will lend its surplus cash to Imperial Brands on a daily basis or receive the necessary cash to meet its payment obligations, thus optimizing its cash generation.
Logista has indicated that the new conditions will enter into force in June 2024 and from that date the contract will have a mandatory period of three years for both parties, after which a six-month notice is established for its termination. Logista’s corporate financial director, Pedro Losada, has congratulated himself on this agreement.
“The renewal of this agreement allows us to continue showing value for our shareholders by optimizing Logista’s cash generation,” he said.
Increases its participation in transport El Mosca
On the other hand, Logista has announced that it has increased its participation in Transportes El Mosca, a company specialized in multimodal transport that offers national and international land, sea and air transport services.
The company announced in June 2022 the acquisition of 60% of Transportes El Mosca in an agreement that contemplated increasing the participation of the logistics company until acquiring 100% over the next three years. With this new partial purchase, Logista increases its stake to 73.33% of the company after acquiring an additional 13.33%.
El Mosca is a Spanish logistics company, specialized in multimodal transport that offers national and international land, sea and air transport services and which has a fleet of more than 1,000 vehicles and employs almost 1,100 employees spread over its 12 national and international delegations. .
With this strategic operation, Logista strengthens its position in national and international transport for the food and pharmaceutical industry, becoming the second operator in the full load transport sector at controlled temperature in Spain. The CEO of Logista, Íñigo Meirás, has stressed that expanding his presence in this company is part of the “diversification and growth strategy” of the firm.
“With this operation, we continue to strengthen Logista’s position in temperature-controlled transport and complement our existing capabilities in value-added services for our clients”, he pointed out.
